By Kingston Magare 8.10.2026
President Bola Tinubu’s administration said it would lower the price of petrol for 30 days at all NNPC petrol stations.
Minister of finance and economy, Taiwo Oyedele, said in Abuja Thursday there would be a review every month as the government aims to ease the pressure on Nigerians with a ten-point plan. He noted that this was not a return to the subsidy regime.
“To be perfectly clear, none of these measures restore a blanket subsidy. To do so would amount to creating longer-term harm for a short-term cure,” the minister said.
“It is not a subsidy. Government is just saying we sell to you at a discount.”
He added that government as part of the plan will ensure crude oil supply to domestic refineries is simplified, a measure he said would shield them from sudden movement in international crude prices. Government may sell crude to refiners at predetermined prices for specified periods, allowing refiners to plan production while helping to moderate pump-price volatility.
“If you can sell your crude forward, we sell to the refiners for the next six months. We are selling you crude at $80 per barrel, for example. That preserves your budget, provides certainty to the refiners and price stability to the consumer,” he said.
He pointed out that Compressed Natural Gas (CNG) vehicles and infrastructure will be established as cheaper alternatives to petrol-powered transportation, with more than 120,000 vehicles in operation and supported by more than 400 conversion centres, 96 refueling stations and 18 unified CNG stations.
He acknowledged that the measures may not give Nigerians a breather, saying the “cost of reform came at a price, and many Nigerian households are still paying it.”